Bankruptcy Act · 2021 Revised Edition · Part 3
35. Mutual credit and set-off
Official textFrom Attorney General's Chambers, unchanged
Where there have been mutual credits, mutual debts or other mutual dealings between a debtor against whom a receiving order is made under this Act and any other person proving or claiming to prove a debt under the receiving order, an account shall be taken of what is due from the one party to the other in respect of such mutual dealings and the sum due from the one party shall be set off against any sum due from the other party and the balance of the account and no more, shall be claimed or paid on either side respectively.
A person shall not be entitled under this section to claim the benefit of any set-off against the property of a debtor in any case where he had, at the time of giving credit to the debtor, notice of an act of bankruptcy committed by the debtor and available against him.
property
"property" includes money, goods, things in action, land and every description of property, whether real or personal and whether situate in Brunei Darussalam or elsewhere, also obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of or incident to property as above defined;
Terms defined in s 2
property
Defined · s 2"property" includes money, goods, things in action, land and every description of property, whether real or personal and whether situate in Brunei Darussalam or elsewhere, also obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of or incident to property as above defined;
Chapter
Chapter 19), unless he informs the trustee in writing to the contrary, is deemed to be his last known address for the purpose of subsection (3).
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